April 21, 2024

Crypto enthusiasts disappointed by the lack of employers willing to pay wages in bitcoin

Crypto enthusiasts disappointed by the lack of employers willing to pay wages in bitcoin

According to a ChronoBank survey, the majority of employees are willing to receive part or all of their salary inBitcoin or other cryptocurrencies. However, businesses tend to lag behind in their thinking – despite the benefits such a move has for both employers and their employees.

In July 2018, startup ChronoBank surveyed 445 cryptocurrency enthusiasts from around the world, including the US, Australia and Russia, to learn more about this new financial opportunity.

Cryptocurrency Payments

Despite the active development of cryptocurrencyand the blockchain economy in 2016-18, employers are not using these innovative technologies. 72% of respondents said that employers have never offered them to receive salaries in cryptocurrencies. However, 66% of respondents expect technological changes from employers, and they are ready to receive wages in cryptocurrencies. At the same time, 83% of respondents would be happy if they could receive payments in cryptocurrencies.

Sergey Sergienko, Chronobank CEO, said:

“The most telling thing was that 72%respondents stated that they would prefer an employer that could offer the option of paying salaries in cryptocurrency when choosing their next job. These results suggest that employers should embrace cryptocurrencies as quickly as possible.”

Access to fast and convenient money transfers,Apparently, this is the main advantage in paying salaries in cryptocurrencies. But this answer varies depending on the nationality of the users. For example, 37.5% of respondents in Australia believe that the most significant advantage of receiving payment in cryptocurrencies is tax evasion. However, most respondents still believe in the future value of digital assets.

50% believe that receiving a salary incryptocurrency will help them spend less, and only 19% will use it to make transactions. For what? Because if they have crypto holdings in their wallets, there is still an expectation that their value will increase.

Users are aware of the potential risks,that surround cryptocurrencies, but almost half of respondents (49%) are more concerned about the price volatility of digital assets. Younger people, particularly 18-24 year olds, are more concerned about becoming victims of hacking attacks (34%) than about price volatility (44%).

Only every fifth respondent intendstransfer cryptocurrencies to fiat after receiving your salary. At the same time, only half of those surveyed are willing to pay taxes on their digital income, and about 25% have not yet been able to answer this question. While 65% of those surveyed in the US are willing to pay taxes, in other countries such as Russia, only 30% are willing. But it is important to highlight that overall, 62.5% of young people are willing to pay taxes on cryptocurrency income.

Future prospects

Sergey Sergienko said:

“Despite ongoing changes inlegislation of various countries in the field of cryptocurrencies, the audience is still not sufficiently informed about innovations. Almost half of the respondents lack information on whether cryptocurrency wage payments are allowed in their countries. ”

Despite the willingness of respondents to receivefunds in cryptocurrency, most of them doubt that companies will switch to salaries in cryptocurrency. Only 30% of respondents believe that companies will change salaries in digital assets.

Regarding the regions in which employersare ready to pay salaries in cryptocurrencies: Japan remains the leader (32%). The following – US (15%) and South Korea (15%), but US respondents believe more in South Korea (25%) than in Japan (only 13%). In Russia, 47% believe that Japan is the overall leader in this industry.

57% of respondents are sure that such initiatives will positively affect the economic growth of countries. In contrast, US respondents (47%) are slightly more skeptical.

In HR, most respondents believethat the blockchain will be used as a secure payment system. About 23% also believe that the blockchain will not be limited to this area and will allow employers to verify the data of employees using this technology.

About ChronoBank

ChronoBank is reconsidering the possibility of hiring atbased on blockchain technology. The Australian-based company, following a successful token sale of 5,400 BTC in February 2017, has developed the most sophisticated recruitment system on the blockchain. ChronoBank is led by a team with deep experience in HR, banking and financial technology. The startup boasts one of the strongest technical and design teams in the blockchain world and is well-funded to innovate across all HR sectors, from employee hiring to credit compensation and insurance.